The company, which is 54% owned by the billionaire and his family, is looking to sell shares near the top-end of the marketed range to raise about $3.7bn in the offering.

Wang is the chairman and founder of Dalian Wanda Group, a Chinese conglomerate with interests in commercial property development, a department store chain, tourism, hotels and entertainment centres.

It became the world's largest cinema operator after buying Kansas City-based AMC Entertainment in 2012 for $2.6bn. Wang holds about 80% stake in AMC.

Meanwhile, Ambani's net worth fell by 2.4% to $20.4bn in line with the recent slide in Indian stock markets. He holds 41% of Reliance Industries, operator of the world's largest oil refinery complex and owner of the nation's biggest natural gas field.

Alibaba Holdings founder Jack Ma remains the richest Asian with a fortune of $28.8bn, followed by Hong Kong billionaire Li Ka-Shing, who is valued at $27.9bn.

Asia's five richest men according to Forbes and BloombergIB Times UK

Japan's richest man, Tadashi Yanai is the fifth richest man in Asia with a fortune of $18.4bn, according to Bloomberg.

According to the Forbes' rich list, Li Ka-shing is the richest Asian with a net worth of $28.7bn, followed by Ma at $23.4bn.

Ambani comes in at No. 3 with a $19.7bn fortune, followed by Yanai at $17.7bn and Baidu founder and CEO Robin Li at $15.9bn. Wang is the eighth richest in Asia with a fortune of $14.6bn, according to Forbes.